Navi Title Agency
Cave Creek, AZ 85331
Single-Family Homes
Here is your weekly Market Update!
Cave Creek, AZ 85331
Fri Jul 26 2024
This week the median list price for Cave Creek, AZ 85331 is $1,050,000 with the market action index hovering around 33. This is an increase over last month's market action index of 32. Inventory has decreased to 163.
Market Action Index
This answers “How’s the Market?” by comparing rate of sales versus inventory.
Slight Seller's Advantage
In the last few weeks, the Market Action Index has resumed a climb. Despite the fact that we’re in a Seller’s market, prices have not yet resumed upward momentum. However, it is likely that given these conditions, prices will at least level off very soon. If the increasing trend continues, expect that prices could shift higher quickly.
Real-Time Market Profile
| Median List Price | $1,050,000 | |
| Median Price of New Listings | $860,000 | |
| Per Square Foot | $380 | |
| Average Days on Market | 110 | |
| Median Days on Market | 77 | |
| Price Decreased | 58% | |
| Price Increased | 4% | |
| Relisted | 4% | |
| Inventory | 163 | |
| Median Rent | ||
| Market Action | 33 | |
| Slight Seller's Advantage | ||
Again this week in this zip code we see a downward notch for prices. Pricing has been weak in recent weeks and versus their absolute-high level. At this point, we will be looking for a persistent upward shift in the Market Action Index as a leading indicator for a trough in prices.
Market Segments
Each segment below represents approximately 25% of the market ordered by price.
| Median Price | Sq. Ft. | Lot Size | Beds | Bath | Age | New | Absorbed | DOM |
|---|---|---|---|---|---|---|---|---|
| $2,287,500 | 4,388 | 1 - 2.5 acres | 4 | 5 | 11 | 1 | 2 | 126 |
| $1,295,000 | 3,209 | 0.5 - 1 acre | 4 | 3 | 19 | 1 | 7 | 98 |
| $925,000 | 2,558 | 8,000 - 10,000 sqft | 4 | 3 | 24 | 1 | 5 | 70 |
| $669,000 | 2,186 | 6,500 - 8,000 sqft | 4 | 3 | 25 | 2 | 6 | 56 |